The storage and transportation of coils or rolls of material such as flat conductor cables or the like are commonly provided by drum reels or spools. Such spools consist essentially of a cylindrical hub or drum portion upon which the cable is wound with spaced flanges extending at the ends of the drum. To accommodate various sizes of material, there are a number of known spool assemblies that may be adjusted whereby the spacing between end flanges is either increased or decreased. Some of the known techniques utilized in the adjustable spools include the use of various spacer elements in the drum portion, telescopic drum portions, collapsible drums, threaded tie rods and the like. Generally, the known spool assemblies have certain disadvantages such as the number of parts required to form the assembly, the difficulty in assembling and disassembling the spool and in providing the desired adjustments. Moreover, the known designs are relatively costly to manufacture owing not only to the number of parts but also to the differences in the configurations of these parts.